I think there's a misunderstanding here in the idea that we have a per-stream royalty at all. For the most part, that's not true.
We have hundreds of licence agreements. I have to generalize somewhat because they're all somewhat different, but there are certain commonalities in that for the most part, we're talking about revenue-sharing agreements that don't typically include per-stream rates. When people talk about per-stream rates, they're usually backing into that rate after the fact: They see that there are a number of streams on the service, they see a payout, and they do a simple calculation as if that's the per-stream rate. That isn't how we do it.
It really is a function of how much revenue we're bringing in, both on our premium service, which obviously brings in a lot more revenue, and our free service, which brings in less. About 90% of our revenue comes in from our premium service. I think it's reported in the Financial Press that we pay out 65%-70% of our gross revenue to rights holders. That's one reason, as Mr. Price mentioned, that at present Spotify is not profitable.